Oxnard— On December 17, 2024, Standard & Poor’s Global Ratings (S&P), a leading provider of transparent and independent credit ratings worldwide, upgraded the City’s Issuer Credit Rating from “A+” to “AA-” and the underlying City’s General Fund Lease from “A” to “A+.” S&P also raised the City’s Gas Tax Bond from “AA-” to “AA.”
"I’M pleased that S&P has once again recognized the City’s financial progress with these rating upgrades,” Mayor Luis Mc Arthur said. “This shows our ongoing commitment towards securing long-term financial stability and a stronger future for Oxnard.”
S&P credit analyst Krystal Tena stated, “The upgrade reflects the city’s improved financial position characterized by a trend of stable financial performance and improved reserve position, underpinned by strong financial management practices that we view as well embedded.”
This marks Oxnard’s 9th upgrade by S&P in the past four years, reflecting the City’s continued progress in strengthening its financial management.
“Five years ago, S&P recognized that Oxnard was progressing in addressing its management deficiencies and working to improve the City’s organizational culture. The new credit upgrade reinforces that what we are doing is working as we continue to improve the financial stability of our City,” City Manager Alexander…
